This paper provides an overview of conceptual issues and recent research findings concerning the structure and the role of financial systems and an introduction into the new research area of comparative financial systems. The authors start by pointing out the importance of financial systems in...

This paper discusses the so-called commercial approach to microfinance under economic and ethical aspects. It first shows how microfinance has developed from a purely welfare-oriented activity to a commercially relevant line of banking business. The background of this stunning success is the...

1. Financial innovation and the economics of banking and the financial system / David T. Llewellyn -- 2. Is financial innovation still a relevant issue? / Luisa Anderloni and Paola Bongini -- 3. Microfinance, innovations and commercialisation / Reinhard H. Schmidt -- 4. Technological innovation...